BSV is the native cryptocurrency of Bitcoin Satoshi’s Vision (BSV), sometimes called Bitcoin SV: a blockchain created in 2018 after a hard fork from the Bitcoin Cash blockchain, which in turn was a hard fork of the original Bitcoin blockchain.
Hard forks can occur when conflict arises among the developers of a particular blockchain. If the developers cannot reach an agreement, it’s common to see them enact a hard fork, which essentially splits the blockchain into two separate chains. One continues being the original project, while the other becomes an entirely new blockchain.
Bitcoin SV price
The BSV token is the native cryptocurrency of the Bitcoin SV blockchain. Some 17.5 million BSV tokens were distributed to Bitcoin Cash holders in 2018 at a ratio of 1:1, after the hard fork was initiated.
As much as the project’s backers insist that Bitcoin SV embodies the original goals of Nakamoto’s white paper, digital-asset markets have long since shown that investors judged the original Bitcoin network, anchored by the cryptocurrency BTC, to be the winner of the blockchain wars of the late 2010s.
BSV’s price has roughly doubled since late 2018, for a market capitalization of $3.1 billion as of November 2021. During the same time frame, BTC jumped 15-fold for a market capitalization of about $1.2 trillion.
Over the course of its short history, BSV price has been particularly affected by sharp price increases and decreases. During its first six days, BSV rose 383% to $260, but then fell by 84% over the following nine days. The crypto asset then pushed sideways for about six months until a brief jump pushed BSV price back to $260. Between January 2020 and May 2021, the price continued to trade sideways with just two brief periods when the price sharply rose above $400 and then quickly fell again.
How does Bitcoin SV work?
According to a September 2021 press release from the Bitcoin Association, the Bitcoin SV network demonstrated a throughput of 50,000 transactions per second during a live test earlier in the year, “all at a predictably low cost.” The median fee on the Bitcoin SV network in 2020 was 1/50th of a U.S. cent, the association said.
In August 2021, according to the same release, the Bitcoin SV network set a world record when a two gigabyte data block was successfully mined, “the largest ever mined on a public blockchain.”
A post on the Bitcoin Association’s website says that MNP, an accounting and business consulting firm in Canada, released a report in 2021 concluding that the original Bitcoin network was “intended to be a transaction network for digital cash to compete as a global payment system,” and that the Bitcoin SV network was found to be “most representative of Satoshi Nakamoto’s original intention for Bitcoin.”
Key events and management
Wright has publicly claimed to be Satoshi Nakamoto but has never produced conclusive evidence, and some doubters have produced a welter of data suggesting that the story is made up.